‘Cannot ignore it’
Already Latin America’s biggest oil and gas producer, Brazil is seeking to increase production from 4.68 million to 5.3 million barrels per day by 2030.
At the same time, the country has pledged to reduce its emissions of planet-warming greenhouse gas emissions to 1.2 billion tons of CO2 equivalent (CO2e).
By 2050, it is seeking to reach neutrality, meaning emissions do not exceed the amount captured, by forests, for example.
Brazil’s ClimaInfo research institute had estimated that the 172 blocks placed on auction would emit some 11.1 billion tons of CO2e.
Leftist President Luiz Inacio Lula da Silva, seeking to position himself as a leader in the fight against climate change, supported the auction that will see the successful bidders pay royalties on whatever oil and natural gas they eventually do extract.
“If this wealth exists, we cannot ignore it, as it will help us to make the energy transition and secure funds to preserve our forests,” Lula declared in February.
“We must act responsibly. I do not want oil exploration to cause any harm to the environment,” he added.
